Statistics and retro/prospective approach

timer Asked: Feb 3rd, 2014

Question description

no word ount just a good answer

Question 1:

Assume that a population is normally distributed with a mean of 100 and a standard deviation of 15. Would it be unusual for the mean of a sample of 3 to be 115 or more? Why or why not?

Question 2:

Please select a company that has made a change in an accounting principle by examining its annual report. Please post a link to this company's financial statements in this area, and explain how the company handled the change, both on the financial statements and in the footnotes to the financial statements.

Question 3:

Why did the accounting profession choose to handle changes in estimates using the prospective approach instead of the retrospective approach? Do you think information that is important to the user of financial statements is lost by using this approach? Please explain your answer.

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